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Bitcoin and altcoin movements in the cryptocurrency world are closely followed. While some cryptocurrencies keep their investors waiting, others make headlines with rapid increases, also bringing smiles to investors’ faces. Last month, UMA coin rose to a level of $7.08 before undergoing a correction. Now, there is curiosity about whether it will return to its former levels. Let’s look at the technical details of UMA coin.
UMA Coin Price Analysis
UMA coin has been observed to experience a decline today when looking at its 1-hour chart. The study indicates that the UMA market has recently seen a volatile increase, as shown by the significant expansion of the Bollinger Bands.
However, the price has returned to average levels and is trading close to the middle band. The MACD histogram indicates a decrease in bullish momentum, and the ADX (average directional index) at 31.64 suggests a developing trend.
At the time of writing, UMA coin’s price is trading at $4.26, reflecting a 3.64% decrease over a 24-hour period. The trading volume for UMA coin in the last 24 hours is approximately around 60 million dollars.
What Can Be Expected for UMA Coin?
UMA coin would need to see an increase of roughly 70% to return to its previous month’s high of $7.08 from the current price of $4.26. We can say that this potential exists in the cryptocurrency. However, it will first be necessary to surpass critical resistance levels between $4.5 and $5.
A potential price barrier for UMA coin could be the movement pattern of Bitcoin. If Bitcoin retraces from its newly reached levels, this could lead to downward levels for UMA coin. In such a case, it would be possible to say that the price of UMA coin could move towards levels below $4.
An important point for investors to note is that the maximum supply of the cryptocurrency UMA coin has not been determined. This could pose an obstacle to the token’s price increase. Since the maximum supply is not fixed, it becomes unclear how many tokens will eventually be in the market, leading to uncertainty about the project. Let’s mention that there are currently 78,304,700 UMA coins in the market.
